Base Rate Cut By 1.5%

belleabi0405

For those of us on HSBC Homebuyer Variable rate which guarantees to be no more than 1% above the BOE Base Rate, the rate was cut yesterday to 5.5% and will reduce again to 4 % on December 7th. HSBC's policy is to reduce the rate one calendar month following the Bank Of England's decision.

Hope this helps some of you, I normally receive a message from within online banking but nothing yet so I called for an explanation.

sherer

my deal with A + L expires at the end of December. At the moment it looks like I might be better off just going onto the SVR rate and not even paying a few, although at the moment that hasn't dropped.

Seems the LIBOR rate has gone down 4.49% so hopefully some of the fixed deals should be dropping too

tracymarie

Hi Can anyone explain why my morgage has increased by £100 today when the B of E rate has gone down so much in the last few months.
I dont really understand all i know is my morgage is increasing all the time
Thanks

marshallka

Sky News has learned that a third lender - Scottish Widows - will be passing on yesterday's huge interest rate cut in full to its customers.

moneyangel22

I have a fixed rate mortgage on 4.79% which ends in Apr 09, when it reverts to the svr which at the time was 6.9% - how do the latest developments affect me? the mortgage is in the process of being converted to buy to let, for which they will add on an extra 1%. The other complication is I am trying to get my ex-hubby taken off the mortgage so need to know EXACTLY what I will be paying in April as I have another mortgage, and need to be able to afford both.

WRabbit

Unfortunately I'm on a long term fixed rate so yesterday's base rate cut didn't help me. I know logically I'm no worse off, but I still feel relatively poorer. Congrats to all those on trackers!

For anyone who is on a higher rate the advice about making any possible overpayments you can holds so true just now.

I've double checked with my lender (YBS) as to how their overpayments work. For them it's 10% of the value on the anniversary date of the mortgage - for me that's June. And I can make a further overpayment come this June as they work it on the product year. Just be careful as some lenders do it based on the date of overpayment, ie overpay November, can't overpay again till next November.

My plan is not to reduce my monthly payment at the moment but when I get nearer the end of my fixed deal (and hopefully my mortgage) I'll drop the payments right down then so I still finishing repaying at the same time and don't get hit by redemption charges.

Leanne1812

Anyone any idea if RBS are dropping their SVR? Phoned this morning but just saying it's being reviewed, wondered if there's any updates.
Cheers

marshallka

Does this mean barclays have reduced theirs too

http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?site=pfs&task=popup1group&value=15396

LouBlue

Radarjet wrote: »

I have just got my letter today passing on the full first 0.5% rate cut from IF Intelligent Finance for my SVR mortgage.

Yes me too. That's £50 a month saved! Hope they pass on some more though.

marshallka

LouBlue wrote: »

Yes me too. That's £50 a month saved! Hope they pass on some more though.

Me too, i rang them this morning and they were reviewing it they said....

I asked about the trackers that were on their site yesterday and they said they were no more yet when I look now they are there again...